What is the charge for lost, destroyed, or irreparably damaged property?

The charge for lost, destroyed, or irreparably damaged property is calculated based on the original cost or replacement value minus depreciation. This approach ensures that the compensation reflects the true value of the property as it would be considered at the time of loss, taking into account its usage and wear over time.

Using the original cost or replacement value minus depreciation provides a fair assessment of the property's current worth, rather than its initial purchase price. This method considers how the property would have been valued in real-time, factoring in any devaluation that may have occurred due to age, use, or obsolescence.

Determining the charge in this way also aligns with recognized accounting practices and property management standards, ensuring that the responsible party is charged fairly based on actual value rather than inflated or outdated figures. By focusing on the depreciated value, this method provides a realistic monetary assessment that reflects the economic reality at the time of loss.